Eli Lilly To Invest $1 Bln To Build New Plant In Concord

(RTTNews) - Eli Lilly and Company plans to invest $1 billion in a Cabarrus County manufacturing campus that will generate nearly 600 new jobs with an average wage of over $70,000.

According to Cabarrus Economic Development Corporation, this is the second major economic development announcement made for The Grounds at Concord, the site of the former Philip Morris plant, within the past year and is the second-largest in the history of Cabarrus County.

"This will change the landscape of biotech in this part of our state," said Cabarrus Economic Development Corporation Executive Director Page Castrodale. "It expands North Carolina's life sciences industry into the Charlotte region in a very transformative way, bringing tremendous opportunity with it."

The facility will required 589 highly skilled workers, such as scientists, engineers and manufacturing personnel. An estimated 500 additional positions will be required during construction, which is expected to begin this year.

Lilly's facility will produce injectable products and devices, the company said. The entire project will consist of over 800,000 square feet across a five-building campus that includes the manufacturing facility along with spaces for logistics and packaging, a quality control lab and a central utilities plant.

"Lilly is entering an exciting period of growth and we are committed to delivering innovative medicines to patients around the world," said Edgardo Hernandez, senior vice president and president, Lilly Manufacturing Operations. "Expanding our manufacturing footprint in North Carolina enables us to continue to produce today's medicines while providing additional capacity to manufacture the medicines of tomorrow. We are pleased to again partner with North Carolina to bring jobs to American workers and provide more medicines that patients need to address health challenges."

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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